EXHIBIT - 10.29 Obligor No. 0184735387
Amendment No. 10 to Business Loan Agreement Amendment No. 2 to Ninth Amended and Restated
Promissory Note (Line of Credit) Obligation No. 5209392501
THIS AGREEMENT is made as of November 5, 2006, by and between LASALLE BANK MIDWEST
NATIONAL ASSOCIATION, a national banking association, formerly known as Standard Federal Bank N.A.
(the "Bank"), AGREE LIMITED PARTNERSHIP, a Delaware limited partnership ("Borrower"), and AGREE
REALTY CORPORATION, a Maryland corporation ("Guarantor").
A. Borrower and the Bank entered into an Amended and Restated Business Loan Agreement, dated September
30, 1996, as amended by a First Amendment dated October 1, 1997, a Second Amendment dated October 19,
1998, a Third Amendment dated December 19, 1999, a Fourth Amendment dated February 11, 2001, a Fifth
Amendment dated April 30, 2002, an Amendment Agreement/Amendment No. 6 to Business Loan Agreement,
dated April 30, 2003, an Amendment/Amendment No. 7
[sic] to Business Loan Agreement, dated June 30, 2005 (the "Loan Agreement"), pursuant to which the Bank has
extended to the Borrower a Line of Credit, as evidenced by a Ninth Amended and Restated Promissory Note
(Line of Credit), dated as of June 30, 2005, in the principal amount of $5,000,000.00 (the "Note"), secured by
various Second Mortgages, Assignments of Leases and Rents, Security Agreements and Fixture Financing
Statements, and Deed of Trusts dated May and June, 1996 (the "Mortgages"), and various Second Assignments
of Leases and Rents, dated May and June, 1996 (the "Assignments") and supported by an Amended and
Restated Guaranty, executed by the Guarantor, dated September 30, 1996 (the "Guaranty"). The foregoing
documents and any other documents and instruments executed in conjunction therewith are herein referred to
collectively as the "Loan Documents".
B. The Borrower has requested a modification to certain of the terms and provisions of the Loan Documents and
the Bank and Guarant